Facebook and Paypal are joining Indonesian startup Gojek high-end investors club. Previously, Google and Tencent have been the coolest kids in the bunch.
Facebook made the investment on June 3rd. This involved its chatting platform, What’s App in the process as well. It joined Paypal, Tencent, and Google on Gojek’s F funding round. Currently, the decacorn has gained around $3 billion on this funding round according to CNBC.
Both parties still disclose the exact amount of the investment. However, Matt Idema, COO of What’s App stated that this investment will help SMEs. It will also improve the digital economy system in Southeast Asia in general.
Gojek is an Indonesian start up that has grown so big it has snatched the title of decacorn (startups worth more than $10 billion). Starting as a ride hailing company, Gojek has grown big not only within Indonesia, but also in Southeast Asia. The company has also breached fintech industry with its mobile wallet, Gopay.
Now, Gojek rivals with Grab in terms of the biggest ride hailing companies in Southeast Asia. Previously, there are talks that both companies are going to merge, but until today there are still no follow ups.
How Facebook and PayPal investment will change the game for Gojek in the future
Through a statement he released at the 3rd, Gojek’s co-CEO, Andre Soelistyo stated that this collaboration with Facebook will speed up the digital economy inclusion. “Especially when the majority of SMEs in Southeast Asia still rely on cash transaction,” he added.
On the other hand, PayPal investment in Gojek has also brought the company’s digital wallet to another level. Reportedly, both companies agreed to make this investment beneficial for the users. In the future, Gopay users will automatically get an access to PayPal, through the integration of both digital wallets.
Facebook and PayPal are a set of new faces in Gojek’s investors list. Unlike Tencent, which has been investing in Gojek constantly since 2018.